cbn

The Central Bank of Nigeria, CBN, has instructed all banks to halt the enforcement of a 0.5 per cent cybersecurity levy following President Bola Ahmed Tinubu’s directive to suspend it.

The withdrawal was officially announced in a notice dated May 17, 2024, signed by Chibuzo Efobi, CBN’s director of Payment System Management, and Haruna Mustapha, the Director of the Financial Policy and Regulatory Department.

Earlier, on May 6, the CBN had issued a directive for the implementation of a cybersecurity levy, mandating all banks and financial institutions to impose a 0.5 per cent levy on electronic transactions.

However, the levy faced strong backlash from Nigerians, leading to its suspension by the Tinubu administration.

Following the decision to suspend the levy, Minister of Information and National Orientation, Muhammed Idris, announced the government’s stance after the Federal Executive Council meeting held last Tuesday.

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